Innovation Hub

ASIC’s Innovation Hub exists to foster innovation that could benefit consumers by helping Australian fintech startups navigate our regulatory system. Within these pages we provide tailored information and access to informal assistance intended to streamline the licensing process as much as possible for innovative fintech startups.

Through the hub, eligible businesses can request to receive informal guidance from ASIC on the licensing process and key regulatory issues that should be considered as you set up your business. This information is designed to help you understand your options and, if relevant, prepare your applications for licences or waivers from the law.

We are currently seeing innovative financial business models in areas including marketplace lending, crowd-funding, robo-advice, payments and blockchain technology, and we urge all eligible businesses to connect with us.

ASIC, through the Innovation Hub:

engages with the fintech community by hosting and attending industry events at fintech hubs and co-working spaces for startup businesses

streamlines how we facilitate business for innovative business models

provides eligible businesses with a designated contact to help understand the regulatory framework, prepare licensing applications and provide ongoing support

provides key information through the Innovation Hub website, which is a one-stop shop to access information and services

consults with experts drawn from a cross-section of the fintech community through our Digital Finance Advisory Committee (DFAC), to help inform how we focus our efforts in this area

meets regularly with international equivalents to discuss innovation developments and policy proposals.

Regulating innovative startups

It can be challenging to work out how some innovative businesses fit into the regulatory framework. We also understand that your business may be limited both in experience in dealing with ASIC and resources available in terms of time, money and access to professional advice.

The services available within the Innovation Hub can help you learn about ASIC’s regulation and compliance and design a solution that integrates with your business model.

There are significant opportunities to save money and time when compliance is considered early on in your business planning, and also to explore whether there are waivers and relief that may be applicable to your business.

Your input will also help ASIC stay on top of laws that have become impractical or inappropriate as the sector moves forward.

ASIC is committed to helping fintechs navigate the regulatory system and will streamline the licensing process where possible to facilitate innovation. We are equally committed to maintaining and not compromising on the key principles of that regulatory system, including the provision of important protections for consumers and investors.

The tender is for provision of pilots of Natural Language Processing technologies, including approaches to common supervisory scenarios encountered by ASIC with a view to providing natural language processing technologies solutions.

For more details, please go to AusTender and download the tender documents. You can search the tender by either the ATM ID or Keyword.